SURVEY ON COMPANIES AWARENESS LEVEL IN LIFE INSURANCE IN INDIA PATIL DNYANESWAR SHRIDHAR DR. SATYAPAL Associate Professor, Deptt. Of Management. & Commerce,Govt. P.G. College, Narnaul (HR) Reseach Scholar, CMJ University, Shillong, Meghalaya Objectives of purchasing health insurance policy Behind purchase of any policy there are certain objectives of the respondents. The table 1.describes the distribution of respondents on the basis of objectives of purchasing health insurance policy. Table 1 Objectives of purchasing health insurance policy Objectives Frequency Percentage Tax benefit 26 9.6 To fight against rising health care 156 57.8 As security 32 11.9 Compulsion 42 15.6 Hassle-free/Convenience 6 2.2 Invest the surplus amount 8 3.0 Total 270 100.0 Source: Primary data The table.1 clearly brings out that majority of the respondents (57.8%) bought health insurance policy with an objective to fight against rising health care cost whereas 15.6 percent respondents bought because of mandatory reasons may be because of government policy. Security (11.9%) and tax benefits (9.6%) have been the other preferred objectives of the respondents. Some respondents (3.0%) have the objectives
to invest the surplus amount and 2.2 percent of the respondents purchase the policy for their convenience or hassle-free life. It is clear from the table that majority of the respondents are worried about their health and purchase the health policy against rising health care costs. Some have the compulsion of job whereas other purchase it for their individual purpose. So, the insurers must keep in mind these respective objectives and all efforts should be directed towards understanding the culture, social environment and individual insurance requirements of customers so that the company can cater to their varied needs. Preference of attributes of the future policy Attributes of the product makes it attractive and acceptable to the general public. The following table describes the distribution of the respondents on the basis of preference of attributes of the future policy. Table 2 Attributes preferences in future health insurance policies Attributes Frequency Percentage Relevant in way of Simple terms & Conditions 66 7.6 Simple Language 48 5.5 Well Packaged with all Benefits 132 15.2 Availability 54 6.2 Transparent 36 4.1 Low Premium 154 17.7 Convenience 30 3.5 Less Paper Work 78 9.1 Easy Paying instalments 106 12.2 Quality of Services 30 3.5 Monetary Returns 134 15.4 Total 868* 100 Source: Primary data * The Frequency is more than the actual respondents as some of the respondents have responded to two or more attributes
The table.2 clearly brings out that low premium (17.7%) is highly preferred attribute. Monetary returns (15.4%) and well packaged schemes with all benefits (15.2%), (choice of hospitals, choice of doctors, elective surgery, ambulance, all medical costs, medical and hospital expenses incurred overseas, and other ancillary services) are other main attributes preferred by the respondents. Attribute like easy paying installments is preferred by12.2 percent of the respondents followed by lesser paper work (9.1%) and relevant in way of simple terms and conditions (7.6%), availability (6.2%), simple language (5.5%), transparent (4.1%), convenience (3.5%), and quality of service (3.5%) are other preferred attributes for future health insurance policies. It can be obtained from the table that consumers prefer low premium with more benefits schemes and returns. The policies should be simple as complexity results in raising suspension in the customers minds and delays decisions. The customers should get policies on time as, after ascertaining the potential, creating a market and devising a product, it would be unfortunate if the customer does not get the product because of the lack of availability. So, insurers must keep these attributes in mind while designing for the policy as individual of different segments have different requirements. Satisfaction level regarding various features and services of health insurance policies The subsequent table speaks about the satisfaction level regarding various features and services of health insurance policies. Tables, clearly indicates the satisfaction level of the respondents with regards to various services offered by health insurance providers. With terms and conditions of the policy 46.7 percent of the respondents are neutral in their response, 36.3 percent are satisfied, 14.8 percent are dissatisfied and only 2.2 percent are highly satisfied. With premium schedule 51.1 percent of the respondents are neutral, 24.4 percent are satisfied, 20.0 percent are dissatisfied, 3.7 percent are highly satisfied and 0.7 percent are highly dissatisfied. 45.2 percent are dissatisfied with premium in one lot factor, 34.8 percent are neutral in their response, 9.6 percent are highly dissatisfied, 8.1 percent are satisfied and only 2.2 percent are highly satisfied. 54.1 percent of the respondents are dissatisfied with the distribution services whereas 20.7 percent are neutral and 25.2 percent are highly dissatisfied. With promotional services, 60.0 percent are highly dissatisfied, 36.3 percent are dissatisfied and only 3.7 percent are neutral in their response. 31.1 percent of the respondents are neutral and dissatisfied with TPAs services, 26.2 percent are satisfied and 11.5 percent are highly dissatisfied. 55.7 percent of the respondents are neutral in their response with regard to process of claim settlement, 24.6 percent are dissatisfied, 13.1 percent are satisfied and 6.6 percent are highly dissatisfied. In case of time taken for settlement of claims, 45.9 percent are neutral in
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